13/09/2016 - 06:24

Morning Headlines

13/09/2016 - 06:24

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Market rout dents yield mania

Investors have questioned whether the five-year bull run in Australia’s high-yield stocks is over after local shares joined a global equities sell-off on signs that the United States is readying to raise interest rates for the first time since December last year. The Fin

Elders gives the chop to ‘high-risk’ live cattle export business

Elders is pulling the pin on its live export business, less than a year after the rural services group sent the first cattle to China under a ‘‘breakthrough’’ deal trumpeted by deputy prime minister Barnaby Joyce. The Fin

Innovation plan must embrace mining: Costello

Innovation agenda must include mining Future Fund chairman Peter Costello says the ‘‘innovation agenda’’ championed by Prime Minister Malcolm Turnbull should embrace mining and he cautioned against those who seek to depict it as a dinosaur from the old economy. The Fin

BBY shut down queries on insolvency

Employees of failed stockbroker BBY were repeatedly assured the firm was solvent in 2014 and early 2015, even as funds were being moved around and key executives were actively seeking to delay some client transactions. The Fin

Gold miners’ margins may have peaked

A higher gold price is unlikely to lead to more robust margins for Australia’s gold miners, according to RBC Capital Markets, which expects the local sector to splash a considerable amount of cash on growth over the next few years and process lower-grade material at a higher cost. The Fin

Aldi fruit and veg plan to put bite on rivals

Aldi will tackle supermarket rivals Coles and Woolworths head on by making a stronger pitch to shoppers who value quality fresh fruit and vegetables but have long viewed the German grocery chain as offering a poor alternative. The Aus

Costello blowtorch on Grylls’ tax plan

Future Fund chairman and former Federal treasurer Peter Costello has slammed Brendon Grylls’ proposed iron ore royalties plan, comparing it to Labor’s defunct mining tax. The West

Creasy’s UK gold float decision ‘by December’

Mark Creasy will make a decision on the London float of the South African exploration company sitting on an 11.5 million ounce gold deposit by December, according to White Rivers Exploration executive director Neil Warburton. The West

 

 

The Australian Financial Review

Page 1: Investors have questioned whether the five-year bull run in Australia’s high-yield stocks is over after local shares joined a global equities sell-off on signs that the United States is readying to raise interest rates for the first time since December last year.

The Coalition has scrapped plans to cut welfare payments by $1.3 billion as part of a deal with Labor to secure the passage of the omnibus budget bill and still deliver most – if not all – of the promised $6 billion in savings.

Page 5: The Productivity Commission has emphatically backed immigration as a mainstay of Australia’s economic wellbeing, but urged the government to double the $55,000 fee for parent reunion visas to help offset the massive cost to taxpayers of what are mostly older, unskilled and non-English speaking arrivals.

Page 7: Perth residents are staying indoors rather than brave chilly conditions that have persisted into spring, hurting revenue for businesses in the city. After the coldest winter in 22 years, Perth is now experiencing a cool start to spring that is threatening to break a record set in 2009 for the least number of days when the mercury climbed above 20 degrees during September (when there were just four days above 20 degrees).

Embattled businessman Clive Palmer has told a court he lost the mobile phone he used during the financial collapse of his Townsville refinery as special liquidators attempt to prove he was actively involved in the company leading up to its demise.

Page 10: Shares of Samsung Electronics fell the most in more than four years after airlines and regulators from the US to Europe warned against the use of its Galaxy Note 7 smartphones.

Page 15: Elders is pulling the pin on its live export business, less than a year after the rural services group sent the first cattle to China under a ‘‘breakthrough’’ deal trumpeted by deputy prime minister Barnaby Joyce.

Stationery retailer Kikki.K is accelerating its ambitious international expansion plans after raising new capital by selling a 20 per cent equity stake to boutique fund manager TDM Asset Management.

Page 17: One of Australia’s biggest mining and energy investors says the lithium boom is reminiscent of previous boom-and-bust cycles in uranium, rare earths and graphite, and he warns that most companies vowing to supply the world with lithium will not convert the price boom into a sustainable business model.

Innovation agenda must include mining Future Fund chairman Peter Costello says the ‘‘innovation agenda’’ championed by Prime Minister Malcolm Turnbull should embrace mining and he cautioned against those who seek to depict it as a dinosaur from the old economy.

Page 18: South Korea is proving a harder market to crack for vitamins company Blackmores than most of the rest of Asia after it tumbled to a $2.8 million annual loss there, despite having had a solid presence for six years.

When Commonwealth Bank shares first began changing hands 25 years ago on September 12 there was little to suggest the ‘‘bank of brown cardigans’’ would one day become the cornerstone of the modern Australian investment portfolio.

Page 19: Employees of failed stockbroker BBY were repeatedly assured the firm was solvent in 2014 and early 2015, even as funds were being moved around and key executives were actively seeking to delay some client transactions.

Page 20: A higher gold price is unlikely to lead to more robust margins for Australia’s gold miners, according to RBC Capital Markets, which expects the local sector to splash a considerable amount of cash on growth over the next few years and process lower-grade material at a higher cost.

Page 23: AirTree Ventures has closed the largest ever Australian venture capital fund to invest in emerging technology companies, with $250 million raised from investors including two of the country’s leading superannuation funds.

Page 25: The chief executive of the world’s largest jobs search engine Indeed.com believes Australian human resources managers are on the verge of ‘‘rapidly adopting’’ its alternative to online jobs classifieds sites, like Seek, however the Australian site’s co-founder Andrew Bassat has downplayed the imminent threat.

 

 

The Australian

Page 2: Clive Palmer warned his nephew, the director of Queensland Nickel, not to send him emails or to “cover your arse or you f..k everything”.

Seventy per cent of Australians would be worse off from a combination of tighter pension assets test and superannuation tax changes coming into force next year, a government briefing paper circulated to backbenchers says.

Page 6: A Rio Tinto coalminer was continually bullied by colleagues because he worked hard and they complained he was breaking down their conditions.

BHP Billiton could restart Port Augusta’s coal-fired power plant to combat South Australia’s high power prices and limited supply.

Page 19: Aldi will tackle supermarket rivals Coles and Woolworths head on by making a stronger pitch to shoppers who value quality fresh fruit and vegetables but have long viewed the German grocery chain as offering a poor alternative.

Page 22: A year of poor returns and fund outflows is having a bracing effect on the hedge fund industry: funds are now changing their business model and making fees negotiable as they try to ride out the market distortions of record low interest rates.

 

 

The West Australian

Page 5: WA has been “ripped off” by the Turnbull Government, with just three of 78 infrastructure projects promised during the election campaign being located in the State.

Page 6: Future Fund chairman and former Federal treasurer Peter Costello has slammed Brendon Grylls’ proposed iron ore royalties plan, comparing it to Labor’s defunct mining tax.

Page 20: Elders’ exit from the live export trade could provide another opportunity for WA’s big-spending new cattle barons, if they can live with the reputational risk.

Page 45: Mark Creasy will make a decision on the London float of the South African exploration company sitting on an 11.5 million ounce gold deposit by December, according to White Rivers Exploration executive director Neil Warburton.

The environmental watchdog’s approval of a new Koolyanobbing Range iron ore deposit proposed by Cliffs Natural Resources has given near neighbours Mineral Resources some hope it can win similar approval for its own proposals.

Bronwyn Barnes’ Windward Resources will emerge as the third-biggest landholder in WA’s Fraser Range after acquiring more acreage.

Page 46: Shares in Millennium Minerals surged yesterday after the company announced shallow, high-grade gold hits at its Little Wonder deposit, part of its broader Nullagine gold project in the Pilbara.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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